Nedbank launches Innovation Lab - TechCentral

Nedbank launches Innovation Lab

Fred Swanepoel

Fred Swanepoel

Nedbank has taken the wraps off an Innovation Lab to allow employees to experiment with new technologies, trial business ideas and initiate product concepts.

Nedbank CEO Mike Brown says that the lab is the culmination of the banking group’s efforts over the past 24 months. The lab provides “the necessary support” to staff as they “contribute their time to idea-generation”.

The Innovation Lab was introduced to Nedbank employees in July and to date 1 500 employees have made use of the facility. Located at 105 West Street in Sandton, the setting is meant to “birth innovative ideas”, including identifying new ways of doing business and growing the bank.

Nedbank chief information officer Fred Swanepoel says project began in 2011 when group technology took the step of engaging with 500 staff members in five technology workshops.

“We identified three top focus areas to improve our execution and deliver our strategy. One of those was fostering innovation and creativity and a number of innovation committees and workstreams were established.”

A strategy of “co-creation” between the business and group technology was developed so that Nedbank could identify and develop idea, Swanepoel says.

Brown adds that innovation is not just about digital products or technology, but about adding “new value” or “removing what does not add value”.

“For this to happen, we need to think laterally and focus on the speedy execution of relevant and viable ideas or concepts,” says Brown.  — (c) 2013 NewsCentral Media

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